Google Pay will now enable consumers to use the Bakkt virtual crypto card for online purchases through preferred digital currencies like Bitcoin.
In a press statement, Baktt, a marketplace that enables users to spend cryptocurrencies, noted that under the new partnership with Google, the crypto balance would first be converted into fiat before the payment can take place.
The statement adds that Bakkt, a product of Intercontinental Exchange, the owner of the New York Stock Exchange will also use cloud services provided by Google Cloud with plans to market its solutions powered by Google Cloud to retailers and merchants in the U.S.
The company also seeks to use Google Cloud to set up an analytics platform with artificial intelligence (A.I.), machine learning (ML), and geolocation functionality. Notably, the move aims to enable consumers to expand loyalty redemption options.
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner. Additionally, partnering with Google Cloud will enable us to continue to build a best-in-class, innovative platform that can undoubtedly scale to meet the needs of millions of users,” said Gavin Michael, Bakkt CEO.
Bakkt’s Google Pay support comes after cryptocurrency exchange Coinbase rolled out Apple Pay and Google Pay to its Coinbase Cards.
Increasing crypto investors
The partnership seeks to build on the growing crypto usage among consumers globally. Recently, Bakkt released a report indicating that 48% of U.S. consumers invested money in cryptocurrency during the first half of the year.
On the crypto appeal, Bakkt stated that 58% of those who have already purchased digital currencies consider it for long-term investments, while 43% admit they plan to sell to make a short-term profit. Another 24% indicated that they plan to use their crypto for online purchases.